Presidency Lists Tinubu’s Energy Milestones, Claims Revenue Jumped to N21tn

Nigeria's Presidency has detailed 15 significant achievements in the nation's energy sector during President Bola Tinubu's three-year term, asserting that implemented reforms have boosted government revenues, attracted investment, and reduced reliance on imported petroleum products. The Presidency claims total federation revenue has climbed to N21 trillion from N12 trillion, largely attributed to the removal of fuel subsidies and other administrative reforms.

A key outcome highlighted is the dramatic reduction in fuel import costs, which the Presidency states fell from N2.3 trillion to less than N90 billion. This decrease is linked to an expansion in domestic refining capacity, with locally refined petrol production reportedly rising from near zero to approximately 48 million liters per day.

Reforms in the electricity sector have also been cited, with the Presidency noting a redesign of subsidy segments that has reduced the national electricity subsidy burden by over N1 trillion. Currently, 45 percent of the power market operates on cost-reflective tariffs, and the national metering rate has reached 57 percent.

In the upstream petroleum sector, Nigeria's combined crude oil and condensate production has reportedly increased to 1.64 million barrels per day, the highest onshore production in two decades. Gross natural gas production also saw an increase, rising from 6.83 billion to 7.63 billion standard cubic feet per day.

The Presidency further emphasized improved investor confidence, with Nigeria's share of African upstream Final Investment Decisions rising significantly. The country has secured $10 billion in committed capital and has a prospective pipeline of about $50 billion in energy projects. However, critics are questioning the tangible benefits of these reported milestones for the average Nigerian.